By Giulia Petroni

Infineon Technologies said it has signed a multi-year supply agreement for power semiconductors with Hyundai Motor and Kia lasting until 2030.

The German chipmaker said Wednesday that it will build manufacturing capacity to supply silicon carbide and silicon semiconductors, and that the South Korean automakers will support it with financial contributions.

The partnership will allow Hyundai and Kia to stabilize their supply of semiconductors while also consolidating their position in the global electric-vehicle market, said Heung-soo Kim, executive vice president and head of global strategy office at Hyundai.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 18, 2023 02:36 ET (06:36 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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